HSBC OFFICIAL SAYS BANK’S BUSINESS IN ARMENIA SUCCESSFUL
September 19, 2011 – 14:49 AMT
PanARMENIAN.Net – HSBC Bank Armenia is satisfied with the success of
its business in Armenia, the Bank’s Chief Executive Officer said.
As Astrid Clifford stated at news conference in Yerevan, in May 2001,
HSBC announced its new strategy, envisaging focusing of resources
and financing in the markets capable of securing rapid growth and
profitability of the capital.
According to Ms. Clifford, the new strategy is based on 5 objective
indices, assessing the effectiveness of the bank’s presence in the
Commenting on HSBC withdrawal from Georgia, she noted that a special
approach was applied, with country’s market volume and the bank’s
activity period considered.
HSBC will withdraw from Georgia by early 2012 as part of its
retreat from markets where it lacks scale, HSBC Bank Georgia said on
“In Georgia we have limited size and scale and, despite considerable
efforts in the country, we feel now is the right time to withdraw from
the market. We have informed the regulator and our employees, and will
be informing our customers as we work towards securing a smooth exit,”
Guy Lewis, chief executive of HSBC Bank Georgia, said in a statement.
HSBC announced on August 1 that it will cut 25,000 more jobs around
the world, in addition to the thousands of job cuts already underway,
after reporting a surge in profit.
HSBC Chief Executive Stuart Gulliver said he expects to cut 25,000
jobs between now and 2013.
According to Ms. Clifford, HSBC Bank Armenia will continue operations,
with USD 1 mln investment in technical innovations planned. “HSBC
business in Armenia has been good ever since the opening of the Bank;
we also have a significant share in the country’s banking market,”
Armenia will remain the only country of HSBC presence in South
From: Emil Lazarian | Ararat NewsPress